Oil Price to Drop to $80?

Tom Petrie from Merill Lynch:

Decreased global demand will push the price of oil to about $80 a barrel in the coming months, Merrill Lynch Vice Chairman Tom Petrie said on CNBC.

“I think it’s pretty clear demand elasticities have been triggered in a way that will take prices lwer,” Petrie said. “I do think $80 to $90 is probably where the floor is.”